Former White HouseOpens a New Window. chief strategist Steve Bannon said President Trump’s tariffOpens a New Window. threats on ChinaOpens a New Window.signifies “the most important day” of his presidency.

“I think Trump understands tariffs are more than taxes. They are about self-empowerment of the working class,” he said during an interview on FOX Business’ “Lou Dobbs TonightOpens a New Window.” Monday.

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Bannon said the three previous administrations bares the responsibility for reneging on any trade deal with China and putting the U.S. in a disadvantage position.

“Trump said, ‘I am not going to do this. You’re not going to come back and re-trade us. I am going to hit you with the tariffs,’” he said. “I think this is a very big week in American economic history.”

Bannon went on to accuse corporate America and Wall St. into trying to force the president into making a premature trade deal because of fears of a market collapse.